Home Buying in Chesapeake>Question Details

Houssam, Home Buyer in 23503

good faith check

Asked by Houssam, 23503 Thu Mar 19, 2009

we put an offer on a house and included a good faith check of $ 1000. the house was a short sale. The selling bank told the agent they denied the offer..but it took them about a month to give us the answer. is it true they should've answered within 72 hours ( either with counter offer or denial).. and can I ask for a counter check of $1000. What are my legal rights?

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Houssam:
You should certainly get with your agent immediately to get your earnest money back. Once the bank declined your offer they have no right to your money. Your realtor should handle this for you. Just as an FYI, I have a listing on a short sale for which the bank received an offer on January 21. Today, March 19, we still do not have an answer. Fortunately, the buyers are willing to wait this one out. If you are wanting to get the short sale and bank owned deals that are out there right now you will most likely have to wait on them to respond. Teh banks have always been slow to respond but with the huge number of transactions they are handling the time delay is greater now than ever. If you can afford to wait it may pay off.

Nelene Gibbs, Realtor, e-Pro
William E. Wood & Associates
mail to: nelene@homesbynelene.com
Web Reference: http://nelenegibbs.com
0 votes Thank Flag Link Thu Mar 19, 2009
Houssam,

In the future put your good faith deposit in escrow. Notify the seller that there was a good faith deposit made so they feel comfortable and that you are serious. If things don't work out you can get your money back as escrow is unbiased and will return your money to you directly.

Good luck!
1 vote Thank Flag Link Sun Mar 29, 2009
In our contracts, we put a time limit or "drop dead" time and date on all offers, usually no more than three days. If it is for a foreclosure, and especially a short sale, my suggestion is to extend that slightly, up to a week or ten days. If you, the buyer, really want to purchase it, we can always extend that in writing. You should ask for and receive your earnest money back. FAST!
0 votes Thank Flag Link Thu Mar 19, 2009
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